Cyprus government rejects euro area exit

Employees of Cypriot Banks shout slogans during an anti-bailout protest outside of the Cyprus parliament in the capital Nicosia, Thursday, April 4, 2013. Bank employees in Cyprus walked off the job for two hours and marched toward parliament to protest against looming job and benefit cuts being taken as part of an international bailout. (AP Photo/Petros Karadjias)

NICOSIA, Cyprus (AP) — Cyprus’ new finance minister is ruling out any notion that the cash-strapped country will abandon the euro as its currency.

Harris Georgiades says the government is not looking at any other alternatives and remains committed to implementing the terms of a bailout deal with its euro partners and the International Monetary Fund.

Last month, Cyprus agreed that bondholders, investors and savers with more than 100,000 euros in the country’s two largest — and most troubled — banks will take significant losses in exchange for a 10 billion euro ($13 billion) rescue package.

Georgiades says Monday that Cyprus’ exit from the 17-country eurozone would effectively crush the economy. He also says limits on accessing accounts, which have been imposed to prevent a potential run on banks, will be lifted gradually.